1. legally binding bids
(i) All bids made on auctionroom.ie are legally binding
. Any and all due diligence must be conducted prior
to bidding as failure to complete will open bidders to substantial penalties
. Buyers attention is particularly drawn to sec.2.2.15 & sec.2.2.21 of terms & conditions.
"(ii) if a buyer fails to make any payment for any purchased lot by the dates specified for payment, the auctioneer shall, in its absolute discretion and without prejudice, be entitled to exercise one or more of the rights or remedies therein detailed without further notice to the buyer."
2. grant of authority
The buyer grants authority
to the auctioneer or any person authorised by the auctioneer, to sign contract for sale
or sale contract relating to the property on the buyers behalf.
3. confirmation by selling agents
Once auctionroom.ie has received confirmation from the selling agents that they are satisfied with the bidding application, auctionroom.ie will then contact the applicant to confirm their registration.
(i) Every person registering with auctionroom.ie chooses a unique username. These usernames are publicly displayed
be changed afterwards.
(ii) Agents & Solicitors are advised to register their trading name
including spaces, capitals & punctuation as username. Bidders are advised to select a name they are comfortable displaying to the general public.
5. proof of funds
In compliance with Criminal Justice Act (Money Laundering and Terrorist Financing) Act 2010, buyers may be required to provide the following to the selling agents of the property they are interested in, before being activated on auctionroom.ie:
(i) Copy of Photo ID.
(ii) Proof of funds. (e.g. copy of bank statement or letter of offer from lending institution)
(iii) Utility Bill showing current address.
Applicants are advised to contact the selling agents immediately with these details.
6. refundable deposit
Before being activated on auctionroom.ie, buyers may also be required to pay to the selling agent:
(i) Refundable deposit for the property in question.
These funds will be held in trust by the selling agents in their bonded Clients Account. Successful bidders will have this applied against the purchase price of the property. Unsuccessful bidders will have the amount refunded in full by the selling agents.
7. independent legal advice
(i) Buyers are advised to consult with their solicitors immediately
on identifying a property of interest.
(ii) Buyers are also advised to bring all documentation in the legal pack provided by the sellers on auctionroom.ie to their solicitors for independent advice before bidding.
(iii) Buyers are further advised to instruct their solicitors to register with auctionroom to access legal packs themselves.
(iv) Solicitors are advised to raise queries with the vendors solicitors.